Board of trustees shall have exclusive authority to invest and reinvest ...
Mo. Rev. Stat. § 87.260
in effect87.260. Board of trustees shall have exclusive authority to invest and reinvest funds in property — additional investment authority for other plans. — The board of trustees of the firefighters' retirement system shall have the exclusive authority and discretion to invest and reinvest the funds in property of any kind, real or personal. The board of trustees shall invest and manage the fund as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the firefighters' retirement system. In satisfying this standard, the board of trustees shall exercise reasonable care, skill, and caution. No trustee shall have any interest as a trustee in the gains or profits made on any investment, except benefits from interest in investments common to all members of the plan, if entitled thereto. To the extent the board of trustees administers a pension plan other than the retirement system, the board of trustees shall also have the authority and discretion to invest and reinvest the funds of such other pension plan in property of any kind, real or personal. The board of trustees may choose to invest the funds of the retirement system and the funds of the other pension plan in the same investments so long as the amounts invested and the gains, profits, or losses on such investments are accounted for separately. No benefits due to the firefighters or such firefighters' * covered dependents from the other pension plan shall be paid from the funds of the retirement system. Nothing in this section shall prevent the board of aldermen ** of a city not within a county from adopting ordinances to govern the pensioning of firefighters and such firefighters' * covered dependents in any other pension plan simultaneously administered by the board of trustees of the retirement system.
(L. 1943 p. 708 § 7, A.L. 1959 S.B. 314 § 86.560, A.L. 1979 S.B. 280, A.L. 2006 H.B. 1344, A.L. 2025 H.B. 147 merged with H.B. 225 merged with S.B. 71 merged with S.B. 271) *Word "their" appears in original rolls of H.B. 225 and S.B. 271, 2025. **Word "alderman" appears in original rolls of H.B. 225 and S.B. 271, 2025. CROSS REFERENCE: Multinational banks, securities and obligations of, investment in, when, 409.950
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://revisor.mo.gov/main/OneSection.aspx?section=87.260Fetched: 10/17/2026